Green Finance: Tackling Sustainability Challenges in Today’s Economy

Saeed ur Rahman (), Rehmat Ullah Awan () and Muhammad Azam ()
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Saeed ur Rahman: Ghazi University
Rehmat Ullah Awan: Sargodha University
Muhammad Azam: Ghazi University

Chapter Chapter 29 in The Palgrave Handbook of Green Finance for Sustainable Development, 2024, pp 779-810 from Palgrave Macmillan

Abstract: Abstract Green finance is an imperative field that tackles contemporary economic sustainability challenges by placing emphasis on investments that are environmentally responsible and by promoting sustainable economic growth. Promoting resource efficacy in the agricultural and industrial sectors encourages the implementation of waste reduction strategies and sustainable practices. It is crucial to integrate finance and sustainability in order to address global environmental issues such as depletion of natural resources and climate change. Green finance initiatives seek to harmonize operations and strategies with the Sustainable Development Goals (SDGs) and the Paris Agreement of the United Nations, thereby promoting a global economy that is more resilient and sustainable. The circular economy paradigm, which is bolstered by green finance, advocates for the implementation of recycling and resource reclamation strategies, which ultimately result in reduced waste production and resource consumption. In addition to producing environmental advantages, this may also generate financial benefits for corporations. Green finance initiatives are of the utmost importance in ensuring the legitimacy of sustainable development, which involves the false representation of investments as ecologically beneficial. Cooperation between nation-states, financial institutions, regulatory bodies, and civil society is essential for green finance initiatives to be successful. The ethical practices and commitment to sustainability goals of financial institutions are coming under heightened scrutiny from stakeholders.

Keywords: Green finance; Sustainability challenges; Resource efficiency; Circular economy; Sustainable development goals; Paris agreement (search for similar items in EconPapers)
Date: 2024
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DOI: 10.1007/978-3-031-65756-6_29

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